Does email editor 2.0 encode characters differently?

We frequently download the HTML of our emails and run it through Microsoft VBA to create and outlook template (oft). Since the change to 2.0, any emails that are converted into .oft files change all the standard grammatical characters into whacky characters (for example: It's > It’s  and "Low" > “Low” ).

I first checked to ensure its not Outlook, as any 1.0 emails we still have up still convert to oft's just fine. I then checked our templates, and they have the same meta information and charset=UTF-8 value, etc. Our HTML to .oft process is still exactly the same, just with different results depending on if it was a 1.0 or 2.0 generated email.

Has anyone else notice this problem or have an idea where I can start?